Finance Minister Pranab Mukherjee Tuesday endorsed the central bank’s decision to hike key interest rates aimed at containing inflation without hurting growth.
“The well-balanced measures, which involve raising the repo rate, the reverse repo rate and the cash reserve ratio by 25 basis points each, reflect a mature and balanced view of the needs of our [...]
Posts Tagged ‘cash reserve ratio’
Monetary policy will tamp down inflation: Mukherjee
April 20th, 2010 |
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Highlights of monetary policy update by India’s central bank
April 20th, 2010 |
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Following are the highlights of the annual policy statement for fiscal 2010-11 presented by Reserve Bank of India Governor D. Subbarao before chief executives of commercial banks here Tuesday:
- Cash reserve ratio hiked by 25 basis points to 6.0 percent and to take effect from April 24
- Move to suck out excess liquidity worth Rs.12,500 [...]
Mukherjee discusses budget issues with MPs’ panel
January 19th, 2010 |
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Finance Minister Pranab Mukherjee Monday met members of the Parliamentary Consultative Committee attached to his ministry as part of the pre-budgetary exercise amid pressure to continue with the fiscal stimulus.
The committee comprises elected and nominated members of both the Lok Sabha and the Rajya Sanha.
“The finance minister briefed the members about the state of the [...]
Indian interest rates unchanged
July 28th, 2009 |
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The Reserve Bank of India (RBI) has kept interest rates at record lows in a continuing effort to return the economy to growth.
The repo rate – at which the central bank injects short-term money into the banking system – was held at 4.75%.
The cash reserve ratio – the percentage of banks’ deposits they must keep in cash – was also held at 5%.
The central bank said it would maintain an "accommodative monetary stance" until there were signs of a recovery.
It said its forecast for economic growth in the current financial year was unchanged at 6%.
"The RBI is still working in conjunction with the fiscal policy, which is trying to nurture growth," said Sachchidanand Shukla, economist at Enam Securities in Mumbai.
He added that the central bank’s focus would shift to battling inflation by the beginning of 2010. </p
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